Reinsurance News
Justin Balcombe to co-head insurance practice at L.E.K. Consulting
18th March 2021
Global management consulting firm L.E.K. Consulting has announced the appointment of Justin Balcombe as a partner to co-head the firm’s Insurance practice. Based in London, he joins L.E.K. from Oliver Wyman, where he was a partner in its global insurance practice. At L.E.K., Balcombe will lead insurance practice alongside partner Ashish Khanna. Balcombe ... Read the full article
Swiss Re & Hannover Re warn of COVID-19’s claim tail & litigation risk
17th March 2021
Two of the world's largest reinsurance firms are warning that while the immediate losses caused by the global COVID-19 coronavirus pandemic may be largely reserved for, both expect a longer-tail of exposure to develop over time. There is great uncertainty over the potential for the COVID-19 pandemic to drive losses to ... Read the full article
Paul Witzenfeld launches fac reinsurance business via Asta’s MGA platform
17th March 2021
Lloyd's of London third-party managing agent, Asta, has announced the launch of a new facultative reinsurance underwriting business through its flexible MGA platform, which will be led by Paul Witzenfeld. The new underwriting business will begin accepting worldwide property facultative reinsurance risks, with a focus on primary and first-layer placements, from ... Read the full article
RMS, TigerRisk announce expanded multiyear agreement
17th March 2021
Catastrophe risk modeller RMS and re/insurance broker TigerRisk Partners have expanded their existing partnership to include additional models and data as part of a new multiyear agreement. With this new agreement, TigerRisk can access the full RMS global natural catastrophe risk models suite. This suite includes RMS High Definition Models such as ... Read the full article
Progressive in $40mn reinsurance recovery for US winter storms
17th March 2021
The Progressive Corporation, a provider of personal and commercial insurance throughout the U.S., recorded a $40 million reinsurance recoverable in February owing to damages caused by the severe winter weather across southern parts of the country. During the month, Progressive recorded catastrophe losses of $87 million, resulting in a net catastrophe ... Read the full article
AXIS and Elpha Secure enter cyber insurance partnership
17th March 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, and Elpha Secure, a cyber security company have entered a strategic partnership to provide cyber insurance and software protection to small businesses to help improve their cyber security. Elpha Secure offers Elphaware, a Software as a Service (SaaS) application used ... Read the full article
Insurance Europe notes stance on Solvency II framework
17th March 2021
European insurance and reinsurance federation, Insurance Europe, has released a report noting its stance on the advice provided by the European Insurance and Occupational Pensions Authority (EIOPA) to the European Commission on the review of the Solvency II regulatory framework. Insurance Europe says taht EIOPA’s advice to the commission represents a ... Read the full article
US life & annuity still faces challenges, says AM Best
17th March 2021
Analysts at AM Best have warned that the US life and annuity (L/A) sector still faces significant challenges despite weathering the COVID-19 pandemic so far. The rating agency noted that most US L/A companies remain well capitalised and have benefited from favorable mortality and morbidity experience, low credit impairments and rebounding ... Read the full article
AIG Korea appoints Toubassy as new CEO, reports
17th March 2021
AIG Korea has added Ramzi Toubassy as its new Chief Executive Officer, according to reports from the Korea Times news outlet. Toubassy was formerly the chief executive of AmMetLife Insurance Berhad in Malaysia and will join the company April 1. He formerly served at companies such as Swiss Re, General Reinsurance and ... Read the full article
Aon / WTW: Reports suggest US DOJ may have reinsurance concerns
17th March 2021
The pending acquisition of rival Willis Towers Watson (WTW) by its larger rival Aon continues to generate headlines, with recent reports in specialist antitrust publications suggesting concerns from the US government may have a reinsurance focus, as well as in other areas like benefits and large corporate clients. While concerns raised ... Read the full article
Munich Re puts US winter storm loss in the mid-hundreds of millions
17th March 2021
Global reinsurance giant Munich Re has said that it currently expects claims expenditure from the severe winter weather conditions that affected the U.S. last month to reach the mid triple-digit million euro range. Winter storm Uri resulted in significant disruption across a number of southern U.S. states in February, especially Texas, ... Read the full article
Swiss Re highlights alt capital as key segment of property cat, retro market
17th March 2021
A Swiss Re report has highlighted alternative capital (AC) as an important segment of the property catastrophe and retrocession market, representing 20-25% of global reinsurance capacity. The report also notes how AC prices typically move in parallel with traditional reinsurance so is experiencing rate hardening in line with the wider sector. In ... Read the full article
Allianz Life makes Jasmine Jirele president and CEO
17th March 2021
Allianz Life Insurance Company of North America (Allianz Life), has appointed Jasmine Jirele as president and CEO of Allianz Life, succeeding President and CEO Walter White, who will retire at the end of this year. Jirele’s leadership experience spans strategy, product innovation, marketing, operations, and digital and experience management. She has served ... Read the full article
Munich Re partners with global freight data company, ClearMetal
17th March 2021
Global reinsurer Munich Re has entered into a partnership with logistics technology company, ClearMetal, to provide an insured guarantee to its offering. ClearMetal is a leading international freight visibility and dynamic planning company, providing shippers with quality, timely data on ocean container movements during transit so they can better plan on-time ... Read the full article
AM Best becomes signatory to the ESG-related principles for sustainable insurance
17th March 2021
Ratings agency AM Best has become a signatory of the United Nations Environment Programme’s (UNEP) FI Principles for Sustainable Insurance (PSI). The principles are endorsed by the UN Secretary-General and have led to the the PSI Initiative, largest collaborative initiative between the UN and the insurance industry. Furthermore, management of environmental, social and ... Read the full article
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